ASEAN single time zone will increase spirit of oneness: Munir
Bernama
February 28, 2015 18:48 MYT
February 28, 2015 18:48 MYT
MOHD MUNIR: The single time zone would benefit the investment community as it would ensure that all deals were done at the same time.
A single ASEAN time zone will not only allow business integration within the region but boost inbound trade and increase the spirit of oneness, said ASEAN Business Advisory Council chairman Tan Sri Dr Mohd Munir Abdul Majid.
He said The single time zone will benefit the investment community as it would ensures that all deals would be done at the same time.
"When people trade with us in a single time zone, they will recognise us for being one. This is the psychological factor that build oneness showing that we are cooperating very closely," he told reporters on the sidelines of the Preparatory Senior Economic Officials Meetings here Saturday.
Malaysia is reviving a proposal for ASEAN to have a common time zone.
The proposal for a common time for the 10-member grouping is being brought up again for the consideration of ASEAN governments after it was first proposed in 1995 and discussed again in 2004.
Meanwhile, Munir said the removal of trade barriers was not the sole reason leading to intra ASEAN trade growth but rather relied on stronger regional economic environment and greater demand for goods.
"My direction of trade would be dependent on the opportunity that I see as a businessman. If there are opportunities in ASEAN I will seize them," he added.
Munir said there was a need for a dispute resolution to strengthen the cooperation between inter-governmental organisations.
"In ASEAN, people get away with not following agreements they have signed. That is not good. We have to move to a stage where when you sign an agreement, you have to follow it," he pointed out.
Munir, who is also the Chairman for CIMB ASEAN Research Institute, sidelined, the need for a single currency system for the region.
"ASEAN is an inter-governmental organisation, no sovereignty has been surrendered to any central authority.
"Europe's experience of having a single currency without a single government, with similar economic and fiscal policies, have been shown as unsustainable," he added.